PLN, Waskita obtain syndicate loans worth $323m from two local banks

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Photo PLN

JAKARTA (TheInsiderStories) – Indonesia state-own electricity company PT Perusahaan Listrik Negara (PLN) and state owned construction firm PT Waskita Karya Tbk (IDX: WSKT) have signed syndicated loans with PT Bank Rakyat Indonesia Tbk (IDX: BBRI) and PT Bank Central Asia Tbk (IDX: BBCA) with combined value of Rp4.4 trillion (US$323.53 million) on May 23.

In the agreement, the banks will give credit limit amounting to Rp 4.4 trillion, in which the BBRI disbursed Rp3.4 trillion and BBCA Rp 1 trillion, with a tenor of seven years since the signing of the agreement, including a grace period three years.

President Director of PLN Sofyan Basir said, the loans will be used to develop transmissions projects on the island of Sumatra with a capacity of 500 kilovolt (kV), from New Aur Duri (Jambi) to Peranap (Riau) and transmission project from Peranap to Perawang (Riau).



The construction work of the electric circuits along 470 kilometers (km) in Sumatra will be carried out by Waskita, consisting of two packages:

Package 1 construction encompasses the development of 500 kV transmission tower with 4 circuits from New Aur Duri to Peranap with transmission length of 320 kms. The project has been developed over the past 3 years. Package 1 project values of Rp 3.88 trillion.

The Package 2 project covers the construction of 500 kV tower transmission from Peranap to Perawang along the 160 kms, which is developed in three years, amounting to Rp2.83 trillion.

With this agreement, the development process along the 46,000 kms of transmission network  to support the massive 35,000 MW power plant development program can be accelerated. Electricity infrastructure development is the responsibility of all stakeholders.



The electricity transmission projects are aimed to support the electricity network in Sumatra, Jambi and in particular Riau.

New Business Plan

Meanwhile, PLN has finally submitted that draft Business Plan for Electricity Development (RUPTL) to the government for the period of 2016-2015. The business plan becomes reference for the development of power plants in the period.

The RUPTL consists of 57 import points that must be followed up by PLN, 17 has been implemented and 40 points are yet to be fully followed up. Of this, 30 points are in the process of implementation and 9 points are yet to be followed up.

Of the 40 points that yet to be fully followed up, three points requires coordinating meeting with related parties, namely on the portion of renewable energy in the energy mixed for 2025; the portion of PLN in the 35,000 MW program, and consistency of planning (including Transmisi 500 kV High Voltage Direct Current / HVDC Jawa – Sumatera and mine mouth power plant Sumsel 9 and 10 as well as PLTU Jambi 2×600 MW). (*)

 

 

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Source: The Insiderstories
PLN, Waskita obtain syndicate loans worth 3m from two local banks

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